Iconic brand Kodak has long been a big part of the camera world but unfortunately in recent times their fortunes have been on the slide. Now there are fears of Kodak nearing the end as the company fights off Chapter 11.
The company has been around for 131 years now, but some sources are claiming that the company could be preparing to seek bankruptcy protection in the next few weeks. The Wall Street Journal is reporting that Kodak is trying to sell off some of its patent portfolio, and will hopefully avoid Chapter 11 if successful.
Now the company is rumored to be making preparations for a filing if the sales proof unsuccessful. It is also thought the company is talking to the banks about a $1 billion financing plan to keep the company going during any bankruptcy proceedings.
Kodak themselves has refused to comment on the rumors and just stated they never comment on “rumor or speculation”. Sources are claiming a filling could come as early as this month or the beginning of next month. If the company went under bankruptcy protection it could still operate as usual and pay its bills. It could then focus on selling assets such as patents via a court supervised auction.
Once renowned for dominating the industry the company has been responsible for many technological breakthroughs in the sector, and even invented the digital camera in 1975. Many believe the company was the Apple of its time but it failed to keep up with the market, and see the market fallout of the camera film sector with the advent of digital cameras.
Recently the company has been focusing on its consumer and commercial inkjet printing arm, but the sector is already crowded and has proved difficult to penetrate. It has been subsidizing sales so it can build a customer base for its ink.
Do you still purchase Kodak products?